NEW YORK, Oct. 29, 2020 /PRNewswire/ — The network security firewall market in the MEA is expected to grow from US$ 254.7 million in 2018 to US$ 846.9 million by 2027; it is estimated to grow at a CAGR of 14.4% from 2019 to 2027.
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In the past few years, there has been a significant surge in the emergence of network security threats, continuously pressurizing the businesses to strengthen their network security.According to the Online Trust Alliance, the rate of a cyber breach has nearly doubled from 82,000 in 2016 to 159,700 in 2017.
Also, the majority of network security attacks and hacking are projected to become even more high profile, reinforcing the criticality of network security in the coming years.Owing to the increasing incidences of cyber threats, the network managers across various industries are emphasizing on security infrastructure and upgrading the plans to overcome evolving network threats such as distributed denial-of-service (DDoS) attacks, network-based ransomware, and insider threats.
The rising need of network security infrastructure further drives the demand for network security firewall.
Since the start of 2020, the technology industry has been witnessing a declining trend due to the COVID-19 crisis.The MEA is expected to experience a significant impact of the pandemic in the next few months due to non-availability of retailers, suppliers, online and authorized sales representatives, and manufacturers.
Many companies have halted their production activities and is subsequently disrupting the import of components and equipment. Thus, the players operating in this market are projected to register a swift decline in the supply of network security firewall components in the future.
Based on solution, the SMS firewall subsegment led the MEA network security firewall market in 2018.The instances of fraudulent and spamming of unauthorized parties, which bypass and enter the standard interconnections as well as sends several unwanted SMS to mobile subscribers, are increasing.
SMS firewall permits mobile network operators (MNO) to reduce SMS traffic and threats; through this, the operator monitors, controls, and focuses strongly on the critical assets to protect the system from spamming and various cyber attacks. This solution offers a comprehensive service, which removes the overhead of in-house mobile network systems through deployment, monitoring, and maintenance, in turn, fuel the growth of the network security firewall market.
The overall MEA network security firewall market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the MEA network security firewall market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data as well as to gain more analytical insights into the topic.
The participants who typically take part in such process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the MEA network security firewall market. A few players operating in the market are Adaptive Mobile security; AMD Telecom S.A.; ANAM Technologies; Cellusys; Cisco Systems, Inc.; Mobileum Inc.; Omobio (Pvt) Ltd; SAP SE; and Symsoft AB (Sinch).